Preferreds mostly positive; Seaspan, Two Harbors up; New York Mortgage Trust slips

By Cristal Cody

Tupelo, Miss., Oct. 10 – Preferred shares stayed mostly positive over the day on Tuesday in otherwise mostly quiet activity during the session.

The Wells Fargo Hybrid and Preferred Securities index closed up 23 basis points.

The U.S. iShares Preferred Stock ETF was 21 bps better on the day.

Seaspan Corp.’s 7.875% series H cumulative redeemable perpetual preferreds (NYSE: SSW-PH) traded up 11 cents, or 0.47%, to $23.67.

Two Harbors Investment Corp.’s 7.625% series B cumulative redeemable preferred shares gained 6 cents, or 0.23%, on the day to head out at $26.15.

Fannie Mae’s 8.25% series S preferred shares (OTC: FNMAS) were active during the session and went out 17 cents, or 2.43%, weaker at $6.82.

New York Mortgage Trust Inc.’s $125 million of 8% series D fixed-to-floating rate cumulative redeemable preferreds, a deal that priced Thursday and freed to trade on Friday, ended down 9 cents, or 0.36%, to $24.86 on Tuesday.

The issue has been assigned a temporary ticker, “NYMMP.”

The preferreds came at the tight end of the 8% to 8.125% price talk.

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